Senators Divided on Whether Trump’s Marijuana Rescheduling Would Boost Banking Bill
A group of bipartisan senators remains committed to advancing a marijuana banking bill, but they disagree on whether a decision by President Donald Trump to reschedule cannabis would pave the way for additional reforms in Congress.
In recent interviews, Senators Steve Daines (R-MT), Dan Sullivan (R-AK), and Ron Wyden (D-OR) shared their thoughts on the pending rescheduling proposal, which Trump said would be decided within weeks. The senators were also asked about the potential impact of a policy change on congressional attitudes towards other cannabis legislation, including the Secure and Fair Enforcement (SAFE) Banking Act.
Daines, the lead GOP sponsor of the SAFE Banking Act, expressed uncertainty about whether rescheduling would significantly influence his colleagues’ approach to the financial services legislation. He emphasized that many senators hold strong opinions on the issue, which they keep separate from the banking bill.
While Daines supports the SAFE Banking Act, he is not a fan of recreational marijuana and voted against it in Montana. However, he believes that taking cash off the streets and putting it into banks is the right thing to do.
Sullivan, on the other hand, is not tracking developments on rescheduling and suggested that his constituents have not been vocal about the issue. He believes that the SAFE Banking Act has bipartisan support and should be passed regardless of the rescheduling decision.
Wyden, a strong advocate for rescheduling, believes that it would send a “huge message” to his colleagues about the need for a modern approach to marijuana laws. He is working to push the administration to make a decision on rescheduling and hopes that it would pave the way for further reforms.
Sen. Bernie Moreno (R-OH) has also expressed support for rescheduling, stating that it would be an “important domino” in advancing the SAFE Banking Act. However, whether Trump ultimately decides to reschedule marijuana remains uncertain.
The president has been publicly silent on the issue since the election, despite previously expressing support for rescheduling and allowing marijuana industry banking access during his campaign. Trump did recently post a video promoting the health benefits of cannabis and suggesting that covering CBD under Medicare would be a significant senior health initiative.
The debate over marijuana banking and rescheduling comes as lawmakers continue to work on other cannabis-related legislation. A bipartisan coalition of 32 state and territory attorneys general has called on Congress to pass a marijuana banking bill, and a Democratic senator has expressed support for the legislation despite other priorities taking precedence.
